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ÇൺϣÄá¶û·­Ò빫˾£¨www.joshualeeproperties.com£©2016Äê1ÔÂ3ÈÕÁ˽⵽£ºManila (AFP) - The Philippines said Wednesday it will join the China-backed Asian Infrastructure Investment Bank, despite being engaged in a dispute with Beijing over its claims in the South China Sea.

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Viewed by some as a rival to the World Bank and the Philippines-based Asian Development Bank, the AIIB is expected to begin operation early next year with an opening ceremony scheduled for January 16-18.

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The United States and Japan, respectively the world¡¯s largest and third-largest economies and the principal shareholders in the ADB, have both declined to join the AIIB, part of an initiative by China to expand its financial clout in Asia.

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The move by the Philippines, a key US ally in Asia, comes after it took Beijing to a United Nations tribunal in a bid to challenge its extensive claims in the South China Sea.

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"The two (AIIB membership and the maritime dispute) are totally unrelated," Philippine foreign department spokesman Charles Jose told AFP Wednesday.

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"The decision of the Philippines to be one of the founding members of the China-led AIIB is based on the country¡¯s economic development imperatives," President Benigno Aquino¡¯s spokesman Herminio Coloma told AFP.

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"There is no linkage between this decision and the issues raised by the Philippines with regard to maritime entitlement claims" in the South China Sea, Coloma added.

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In a statement, Philippines Finance Secretary Cesar Purisima said his country¡¯s infrastructure financing needs would top $127.12 billion between 2010 and 2020, quoting the ADB.

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He said the AIIB would "help close infrastructure financing gaps in many countries" and may lead to "widening job and business growth opportunities" for Filipinos.

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"The Philippines stands to gain from signing on as a founding member. We can look forward to deepening our country¡¯s technical expertise in infrastructure as we expand bankable projects," he added.

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The Philippines would contribute $196 million to AIIB capital, he said.

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Beijing will be by far the largest shareholder of the AIIB at about 30 percent, according to the legal framework signed by 50 founding member countries in late June.

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The bank is based in Beijing and currently has 57 members, including Australia, Germany and Britain. It expects to offer its first batch of project loans by mid-2016, according to China¡¯s official Xinhua news agency.

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Asked whether the South China Sea dispute would affect the Philippines¡¯ AIIB membership, Chinese foreign ministry spokesman Lu Kang told a regular briefing: "I think the operation of the AIIB will be decided by the AIIB rules, which are made by all the members."

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